Rothesay Life has completed a £111m bulk annuity transaction with the Western United Group Pension Scheme.

The transaction is the second insurance contract between the scheme and Rothesay Life following last year’s £115m policy.

The latest deal covers 4,897 scheme members of the DB scheme for current and former employees and employers belonging to the Vestey Group. LCP advised on the deal.

Rothesay Life has written £1.7bn of new business over the past 12 months.

Chief executive Addy Loudiadis said the firm is “continuing to see interest from trustees and their corporates in de-risking their pension liabilities and 2014 is on track to be a record year”.

“Those that can react quickly and efficiently to opportunities, like Vestey, are likely to achieve the best outcomes.”

Vestey Group head of reward Ben Fowler said: “We returned to Rothesay Life because they provided a low-risk solution with operational precision and accompanying longevity, pension increase and re-investment protection.”

In 2012, Rothesay Life wrote over £1bn of new bulk annuity business and has written £1.9bn since the start of 2013.

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